Restructuring, Acquisition, and Related Costs

9 Months Ended

Sep. 27, 2024

Restructuring and Related Activities [Abstract]

Restructuring, Acquisition, and Related Costs

14. Restructuring, Acquisition, and Related Costs

The following table summarizes restructuring, acquisition, and related costs in the accompanying consolidated statements of operations (in thousands):

	Three Months Ended				Nine Months Ended
	September 27,		September 29,		September 27,		September 29,
	2024		2023		2024		2023
2024 restructuring	$	1,919	$	—	$	4,990	$	—
2022 restructuring		—		2,450		—		5,324
2020 restructuring		—		1,880		—		2,613
Total restructuring charges		1,919		4,330		4,990		7,937
Acquisition and related charges		580		151		2,335		254
Total restructuring, acquisition, and related costs	$	2,499	$	4,481	$	7,325	$	8,191

2024 Restructuring

As a result of the Company’s acquisitions and ongoing integration activities, the Company initiated the 2024 restructuring program in the first quarter of 2024 in order to reduce operating complexity. During the three and nine months ended September 27, 2024, the Company recorded $2.0 million and $5.0 million, respectively, in severance, facility related and other charges in connection with the 2024 restructuring program. As of September 27, 2024, the Company had incurred cumulative costs of $5.0 million related to this restructuring program. The Company anticipates substantially completing the 2024 restructuring program by the end of 2024 and expects to incur additional restructuring charges of $1.0 million to $2.0 million related to the 2024 restructuring program.

The following table summarizes restructuring costs associated with the 2024 restructuring program by reportable segment (in thousands):

	Three Months Ended				Nine Months Ended
	September 27,		September 29,		September 27,		September 29,
	2024		2023		2024		2023
Precision Medicine and Manufacturing	$	795	$	—	$	2,683	$	—
Medical Solutions		785		—		1,142		—
Robotics and Automation		266		—		676		—
Unallocated Corporate and Shared Services		73		—		489		—
Total	$	1,919	$	—	$	4,990	$	—

Rollforward of Accrued Expenses Related to Restructuring

The following table summarizes the accrual activities, by component, related to the Company’s restructuring plans recorded in the accompanying consolidated balance sheets (in thousands):

	Total			Employee Related			Facility Related			Other
Balance at December 31, 2023	$	2,850		$	1,038		$	1,680		$	132
Restructuring charges		4,990			3,007			1,786			197
Cash payments		(4,241	)		(2,229	)		(1,687	)		(325	)
Non-cash write-offs and other adjustments		(584	)		10			(598	)		4
Balance at September 27, 2024	$	3,015		$	1,826		$	1,181		$	8

Acquisition and Related Charges

Acquisition costs in connection with business combinations, including finders’ fees, legal, valuation, and other professional or consulting fees, totaled $0.6 million and $2.3 million for the three and nine months ended September 27, 2024, respectively, and $0.2 million and $0.3 million for the three and nine months ended September 29, 2023. The majority of acquisition and related costs for the three and nine months ended September 27, 2024 and the three and nine months ended September 29, 2023 were included in the Company’s unallocated Corporate and Shared Services reportable segment.